Devon Energy Corp (NYSE:DVN) – Analysts at Seaport Global Securities reduced their Q2 2019 earnings per share (EPS) estimates for Devon Energy in a report released on Tuesday, July 23rd, according to Zacks Investment Research. Seaport Global Securities analyst M. Kelly now forecasts that the energy company will earn $0.27 per share for the quarter, down from their prior forecast of $0.39. Seaport Global Securities has a “Buy” rating on the stock.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, April 30th. The energy company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $2.52 billion. Devon Energy had a net margin of 29.33% and a return on equity of 7.12%. During the same period in the previous year, the business earned $0.20 earnings per share.
A number of other research analysts have also recently issued reports on the stock. ValuEngine raised shares of Zimmer Biomet from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Jaffray Companies set a $360.00 price objective on shares of Ulta Beauty and gave the company a “buy” rating in a research note on Friday, May 31st. Morgan Stanley set a $207.00 price objective on shares of Alibaba Group and gave the company a “buy” rating in a research note on Friday, July 12th. Royal Bank of Canada set a $42.00 price objective on shares of Devon Energy and gave the company a “hold” rating in a research note on Thursday, May 2nd. Finally, Wells Fargo & Co cut shares of Occidental Petroleum from an “outperform” rating to a “market perform” rating in a research note on Monday, May 20th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.83.
Shares of NYSE:DVN opened at $26.88 on Wednesday. The company has a 50 day moving average price of $27.22. The company has a market capitalization of $10.61 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 2.26 and a beta of 2.28. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.37 and a quick ratio of 1.37. Devon Energy has a 1 year low of $20.37 and a 1 year high of $45.29.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.09 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.34%. Devon Energy’s dividend payout ratio is 27.91%.
In related news, CAO Jeremy D. Humphers sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total value of $101,600.00. Following the sale, the chief accounting officer now owns 81,914 shares of the company’s stock, valued at $2,080,615.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC lifted its holdings in Devon Energy by 5.9% in the first quarter. Neuberger Berman Group LLC now owns 746,436 shares of the energy company’s stock valued at $23,557,000 after buying an additional 41,399 shares during the period. Hedeker Wealth LLC lifted its holdings in Devon Energy by 31.0% in the first quarter. Hedeker Wealth LLC now owns 32,393 shares of the energy company’s stock valued at $814,000 after buying an additional 7,657 shares during the period. BB&T Corp lifted its holdings in Devon Energy by 2.5% in the first quarter. BB&T Corp now owns 717,980 shares of the energy company’s stock valued at $22,660,000 after buying an additional 17,210 shares during the period. River & Mercantile Asset Management LLP lifted its holdings in Devon Energy by 7.5% in the first quarter. River & Mercantile Asset Management LLP now owns 245,017 shares of the energy company’s stock valued at $7,732,000 after buying an additional 17,200 shares during the period. Finally, Clearbridge Investments LLC lifted its holdings in Devon Energy by 15.8% in the first quarter. Clearbridge Investments LLC now owns 3,488,973 shares of the energy company’s stock valued at $110,112,000 after buying an additional 476,337 shares during the period. 84.20% of the stock is currently owned by institutional investors.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.